This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
DorsumBuilds Wealth Management Platform for BNP Paribas in Poland.
Around the web
Plaiddiscloses role of Visa and Mastercard as strategic investors in its $250 million Series C round from December.
iSignthissecures patent from European Patent Office for PSD2, SCA, and KYC.
SoFiinks 20-year arrangement for exclusive naming rights for the new Sofi Stadium where National Football League teams the Los Angeles Chargers and the Los Angeles Rams play.
Payoneer amps up cybersecurity efforts to significantly reduce phishing attempts.
Larkylaunches its nudge code library to bundle geo-location and engagement technology directly into mobile banking apps.
SpreedlylaunchesSpreedly 3DS2 to help execute 3DS2-compliant transactions across multi-gateway environments.
BNP Paribas Bank Polska to implementDorsum’s wealth management platform.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.
For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.
Latin America and the Caribbean
Konfio, a Mexican financial services and credit assessment platform for SMEs, picks up $100 million secured credit facility from Goldman Sachs.
FinovateAsia isn’t the only big deal coming to Singapore this fall. Courtesy of a partnership with conversational AI innovator Clinc, Singapore’s OCBC Bank will offer its customers a new voice-enabled mobile banking assistant – the first of its kind in Singapore.
The solution is called the OCBC Banking Assistant and was developed via OCBC’s Innovation Lab, where it was trained both to handle specific banking use cases as well as the intricacies of local Singaporean vernacular and context.
“We are always open to forging new partnerships that allow us to reimagine banking for our digital customers,” OCBC Bank’s Head of Digital Business for Singapore & Malaysia Aditya Gupta said. “We choose to work with Clinc because of their superior conversational AI platform and their next-generation natural language processing capabilities.”
Gupta called the collaboration “the next step towards making our customers’ mobile-first interactions more seamless and natural.”
The new mobile app will enable OCBC Bank customers to pay bills, transfer funds between accounts, check spending history and transactions, locate the nearest ATM, and receive spending advice – all just by using their voice. Clinc’s natural language technology means that users do not need to memorize special keywords or specific phrases in order to access many of the most commonly-used banking services.
The deployment also marks the first time that Clinc’s billpay competency is being used in its entirety, a point highlighted by company CEO Jason Mars.
“This is the first full production roll out of its kind,” Mars said, calling the launch “a milestone” for his company, OCBC Bank, and the financial industry writ large. “It’s not a chatbot or virtual assistant-type experience that people are familiar with,” he said. “Rather, it’s Clinc’s signature voice-first, human-like AI experience used to create a mobile bank assistant that enables OCBC Bank customers to get spending insights, account and transaction details, and pay bills, all by using unscripted, everyday, messy language.”
OCBC Bank – which stands for Oversea-Chinese Banking Corporation – is a multinational banking and financial services entity, founded in 1932 and based in Singapore. With more than $340 billion (S$467.5 billion) in assets, OCBC Bank is the second biggest bank in Southeast Asia by assets and one of the larger banks in the APAC region.
The partnership with OCBC Bank is the latest collaboration that Clinc has been involved in. In June, the company reported that it was bringing its conversational AI technology to the healthcare industry, courtesy of a partnership with digital workforce solution provider Olive. And in January, Clinc announced that it was working with Ford to bring voice recognition to the automaker’s vehicles.
Founded in 2015 and headquartered in Ann Arbor, Michigan, Clinc demonstrated its conversational AI-based solution at FinovateFall 2016, winning Best of Show. Named Frost & Sullivan’s 2019 Technology Leader for Artificial Intelligence, Clinc announced a major investment this spring, pulling in $52 million in new funding in a round led by Insight Partners.
Rekyvik-founded software company Meniga has announced its partnership with Portuguese national financial group Grupo Crédito Agrícola to launch its new banking app, moey! – reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).
The free app will give Crédito Agrícola customers “a better understanding of their spending and finances”, as well as providing “seamless payments through services like Apple Pay and MB WAY”, said inovação e digital director Ricardo Madeira.
The financial advice app, which will also integrate with Android Wallet and Group expenses, inflicts no costs for account opening or maintenance.
“Through the moey! app’s intuitive interface and features, users will enjoy a seamless mobile experience which will significantly improve their everyday banking and personal finances,” said Madeira.
moey! will rely on Meniga’s technology as an engine, and will offer various services including an activity feed for personalised messages and targeted rewards, insights and expense reports which can be filtered, as well as budget and financial planning advice which will automatically generate your budgets and manage them for you.
Meniga’s CEO and co-founder Georg Ludviksson is “very proud” to be working with one of Portugal’s “most reputable banking groups.”
He said the bank’s team has “unrivaled insight” about the needs of its local banking customers, feeling confident that the new app “will excite users right across the region”.
The century-old Portuguese bank has more than one million clients and is one of the larger, more financially stable groups in the country.
Founded in 2009, Meniga demonstrated its technology at FinovateFall 2018, winning Best of Show for its white-label, digital banking solutions that help banks boost customer engagement.
Clinc’s Conversational AI Gives Voice to New App from Singapore’s OCBC Bank.
Finovate Global: ThetaRay Opens Mexico City Office; Dubai’s Foloosi Turns to KSA for Expansion.
Around the web
Meniga to enable consumers to donate cashback from their Meniga Rewards app to help combat climate change.
Mambuforges partnership with Swiss online lender bob Finance.
We Write Code joinsDwolla’s Partnership Ecosystem.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Digital transformation strategist Luxoft and client lifecycle management specialist Fenergo are joining forces. The agreement, announced earlier this week, makes Luxoft the latest to join Fenergo’s 300-member, worldwide partnership ecosystem.
Luxoft will act as a consulting partner to provide expertise, practical experience, and advice to Fenergo’s clients when its comes to initiatives such as data migration, IT architecture, and change readiness. Other such partners on Fenergo’s platform include Accenture, Capgemini, and Genpact. Fenergo CEO Marc Murphy described Luxoft as an “ideal partner” that will help the company “scale… business at a greater pace.”
Luxoft not only gains a way to fulfill its clients’ needs for digital transformation, the company also stands to gain new clients of its own by becoming a member of Fenergo’s ecosystem. “Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients,” said Dmitry Loschinin, executive vice president of DXC Technology, and president and CEO of Luxoft.
Luxoft was acquired by DXC Technologies (NYSE: DXC) which holds a market capitalization of $8.5 billion. At FinovateFall 2014, Luxoft debutedHorizon, a data visualization framework for banking executives.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Plinqit is the first savings app of its kind that pays users for engaging with content through its patent-pending Build Skills™.
Features
Higher engagement (55%) vs. other apps
More than 100 accounts opened within days of launching
The only savings app that pays customers for engaging with financial education
Why it’s great Unlike any other savings app on the market, Plinqit’s patent-pending Build Skills™ pays users for engaging with content, creating higher user engagement for financial institutions.
Presenters
Kathleen Craig, Founder and CEO Founder and CEO of Plinqit by HT Mobile Apps (HTMA), Craig has over a decade of banking experience. HTMA serves banks in 19 states from $26 million to $20+ billion in assets. LinkedIn.
Bryan Freeman, Marketing Director at HT Mobile Apps A former bank marketer, Freeman’s focus is growing Plinqit user adoption and managing existing financial institution relationships who sponsor the product. LinkedIn.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Digital Concierge from ebankIT is designed to be a true customer ally. Combining financial products and 3rd party services, Concierge provides customer journeys, delighting client needs at a swipe of a finger.
Features
Open Banking with 100+ APIs already integrated with top core banking systems
Personalized customer journeys to enhance loyalty and engagement
Digital banking transformation
Why it’s great ebankIT’s Digital Concierge generates new and effective customer journeys adjusted to clients’ preferences, enhancing their digital experience. Your client at the heart of your business.
Presenters
Pete Atkinson, VP of Global Sales Atkinson has spent much of his career operating at the convergent point of technology and consumers. LinkedIn.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Finscend’sBanking Dispute Platform (BDP) was conceived and designed by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution.
Features
Provides seamless integration throughout the banking ecosystem
Works in tandem with Visa and Mastercard schemes
Reduces chargeback costs by an estimated 25% and increases cardholder satisfaction
Why it’s great Powered by an AI-driven engine, BDP streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area
Presenters
Aaron Lazor, CEO and Co-Founder A former banking executive, Lazor holds a degree in economics from the University of Illinois. LinkedIn
Moshe Teren, CTO and Co-Founder Teren holds a B.A. from the University of Illinois-Chicago, and an MSM/MBA from Boston University. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
The TelosTouchGuided Collaboration platform enables financial institutions to reveal client needs in real-time and deliver personalized and tangible advice at scale.
Features
Real-time connectivity to increase client-advisor engagement
Behavioral intelligence to segment and group clients with similar needs
Scalable capabilities to multiply and showcase evidence-based advice and impact to create and protect wealth
Why it’s great TelosTouch connects advisors with timely client insights to drive engagement, capacity, and business opportunities.
Presenters
Jad Chehlawi, Founder and CEO A wealth management domain expert, Chehlawi built and exited a fast growth financial services firm. He is a Harvard Business School and McGill alum. LinkedIn
Arsene Toumani, Co-Founder and CTO Toumani built an enterprise collaboration platform and mentored and led agile teams. He has delivered highly scalable and secure SaaS applications and has created apps for Fortune 500 companies. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Flybits enables financial institutions to deliver hyper-personalized customer experiences, leveraging contextual intelligence and AI.
Features
Target the consumer journey beyond traditional financial touchpoints
Leverage real time insights on consumer experiences
Trigger new use cases based on prior experience insights
Why it’s great Flybits helps financial institutions become leaders in engaging consumers by providing a robust feedback loop to deploy, learn, and innovate on digital consumer journeys.
Presenters
Jason Davies, VP of Enterprise Innovation Davies has more than 20 years of experience in marketing, digital payments, and fintech. LinkedIn.
Katrina Shiu, Product Manager Shiu is passionate about helping financial institutions build consumer experiences into their digital strategies in order to drive business results. LinkedIn.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Founded in 2019, Breach Clarity empowers consumers and FIs in the fight against data breaches. The company’s patent-pending solution delivers breach-specific guidance to reduce fraud losses and bolster trust.
Features
Helps customers understand the real risks to their accounts and identities
Drives adoption of customer-facing controls (two factor authentication, alerts, etc.)
Reduces call center volume and improves satisfaction
Why it’s great When it comes to the security of their identities, consumers place the greatest degree of trust in their financial institutions. Breach Clarity helps banks and credit unions meet that expectation.
Presenters
Jim Van Dyke, CEO and Founder Founder of Javelin Strategy & Research, Van Dyke is an expert witness on the country’s largest data breach cases, serves on the board of the ITRC, and previously served on the board of the CFPB. LinkedIn.
Al Pascual, COO and Co-Founder Pascual is a recognized expert on identity fraud having served as Head of Fraud & Security at Javelin Strategy & Research. Prior to Javelin he served in fraud roles at FIS, Goldman Sachs, and HSBC. LinkedIn.
